SpaceX (bStocks Tokenized Stock) (SPCXB) is 47.3× the size of Broadcom (Ondo Tokenized Stock) (AVGOON) by market capitalisation. Their daily returns move barely together (correlation 0.14 across 110 shared trading days). SPCXB has been the more volatile of the two, at 71% annualised against AVGOON's 48%.
$326.8200
$134.1600
AVGOONSPCXB
0.14over 110 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | AVGOON | SPCXB |
|---|---|---|
| Max drawdown (400d) | -31.0% | -47.5% |
| Risk-adjusted return (90d) | -0.14 | 0.28 |
Relative strength over 90 days: SPCXB outperformed AVGOON by 0.1% — measured on the AVGOON/SPCXB ratio, so it holds regardless of market direction.